BlackRock plans two new MMFs for stablecoin holders

BlackRock is planning to launch two new money market funds (MMFs) aimed at investors who hold cash in stablecoins rather than traditional bank accounts, Bloomberg reported. The new funds are named BRSRV and BSTBL, with BRSRV specifically targeting stablecoin holders. Share tokens for BRSRV will be issued on multiple chains, while BSTBL's will be issued on the Ethereum chain. The move aligns with previous statements from BlackRock CEO Larry Fink, who has emphasized that all financial assets will eventually be tokenized. BlackRock's BUIDL fund, launched in 2024, currently manages assets worth $2.5 billion.